Overstock’s tZERO Security Exchange Will Sell $160 Million in STO Tokens to GSR Capital
tZERO Security Token Exchange Signs Letter of Intent for $160 Million Dollars Investment
tZERO, an important security token exchange, which is a subsidiary of Overstock.com, signed a letter of intent with GSR Capital for Security Token Investment of $160 million dollars. The information has been uploaded in a press release on June the 29th.
The company located in Beijing, GSR Capital, will be purchasing $160 million dollars worth of tZero tokens. The deal has been signed at a price of $10.00 per token, pursuant to the Simple Agreement for Future Equity (SAFE).
But tZERO did not only receive an investment from GSR, but it has also entered into executed SAGEs in excess of $168 million for Security Tokens. At the moment, $95 million has been already funded.
Patrick M. Byrne, Overstock.com Founder and CEO, and Executive Chairman of tZERO, commented on the matter:
At the same time, he mentioned that they have been analysing blockchain’s potential for the future, and they have been building tZERO into a company that will bring efficiency and transparency to capital markets all over the world.
The announcement follows tZERO’s joint venture with BOX digital Markets soas to launch the first regulated security token exchange, funded by a portion of the STO investments. Funds may be also used to increase tZERO’s personnel and to allow for a greater international expansion in the future.
Overstock.com is an important online retailer that is based in Salt Lake City and offers a broad range of products at low prices. These include furniture, decor, rugs, bedding and more. In addition to this, the company offers a variety of products such as jewelry and electronics.
tZERO CEO, Saum Noursalehi, said:
“We are overwhelmed by the support we have received from all of our investors, and thrilled to have GSR on our team as we seek to launch the world’s first security token exchange. This investment from GSR further validates tZERO’s strategy to introduce blockchain to capital markets, and this partnership will accelerate our global expansion efforts.”